Ethereum looks strong as it has broken out of the 20-day EMA. It can now rally to the overhead resistance at $496.36 where we expect another round of selling by the bears.
ETH
If the bulls scale above $500, a rally to $600 is probable with a minor resistance at $550. Therefore, we suggest a long position above $500 with the stops below the recent lows at $400. The traders can raise their stops to break even if the ETH/USD pair struggles to break out of $550.
Though the risk to reward ratio is not very attractive, we are going ahead with the recommendation because Ethereum has been an outperformer, as it has stayed well above its April lows. Hence, we expect it to quickly move up towards its target levels.
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